How do I fill in this excel Accounting Balance sheet? miSavedClipboardFont15StylesA1fxThe following transactions occurred for Lantana Company during its first monthABDE FGHI2 and have been recorded in the T-accounts below.34.a. Received $50,000 cash from owners in exchange for common stock.5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder.c. Bought $900 of supplies on account.7 d. Purchased $10,000 of equipment, paying cash.e. Paid $500 on account for supplies purchased in transaction (c).6.86.10CashSupplies900ces11 a.50,0005,000b.c.1210,000d.13500e.14 bal34,500bal.9001516LandEquipment10,00017 b.20,000d.1819 bal.20.000bal10.0002021Accounts PayableNote Payable22 e.500900с.15,000 b.2324400 bal.15,000 bal.Sheet1Prey1 of 1Next>...w16MacBook ProG Search or type URL@2$&26.78.QWETY* 00 ucation.com/ext/map/index.html?_con%3Dcon&external_browser%=D0&launchUrl=https%253A%252F%252FnevSavedFormatting Table StylesFontStylesClipboardA1The following transactions occurred for Lantana Company during its firsA.ВDEF38Balance Sheet39At December 31, 201640AssetsLiabilities and Stockholders' Equity41 Current AssetsCurrent Liabilities424344Total Current AssetsTotal Current Liabilities4546 Long-term AssetsLong-term Liabilities4748Total Long-term LiabilitiesTotal Liabilities49Total Long-term Assets505152Stockholders' Equity53Retained EarningsTotal Stockholders' EquityTotal Liabilitiesand Stockholders' Equity54555657 Total Assets58596061Sheet1< Prev1 of 1Next16MacBook ProSearch or type URL

Financial Statements: Financial Statements represent a formal record of the financial activities of…

Answered: Balance Sheet At December 31, 2016…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

How do I fill in this excel Accounting Balance sheet?

mi
Saved
Clipboard
Font
15
Styles
A1
fx
The following transactions occurred for Lantana Company during its first month
A
B
DE F
G
H
I
2 and have been recorded in the T-accounts below.
3
4.
a. Received $50,000 cash from owners in exchange for common stock.
5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder.
c. Bought $900 of supplies on account.
7 d. Purchased $10,000 of equipment, paying cash.
e. Paid $500 on account for supplies purchased in transaction (c).
6.
8
6.
10
Cash
Supplies
900
ces
11 a.
50,000
5,000
b.
c.
12
10,000
d.
13
500
e.
14 bal
34,500
bal.
900
15
16
Land
Equipment
10,000
17 b.
20,000
d.
18
19 bal.
20.000
bal
10.000
20
21
Accounts Payable
Note Payable
22 e.
500
900
с.
15,000 b.
23
24
400 bal.
15,000 bal.
Sheet1
Prey
1 of 1
Next>
...
w
16
MacBook Pro
G Search or type URL
@
2$
&
2
6.
7
8.
Q
W
E
T
Y
* 00

ucation.com/ext/map/index.html?_con%3Dcon&external_browser%=D0&launchUrl=https%253A%252F%252Fnev
Saved
Formatting Table Styles
Font
Styles
Clipboard
A1
The following transactions occurred for Lantana Company during its firs
A.
В
DEF
38
Balance Sheet
39
At December 31, 2016
40
Assets
Liabilities and Stockholders' Equity
41 Current Assets
Current Liabilities
42
43
44
Total Current Assets
Total Current Liabilities
45
46 Long-term Assets
Long-term Liabilities
47
48
Total Long-term Liabilities
Total Liabilities
49
Total Long-term Assets
50
51
52
Stockholders' Equity
53
Retained Earnings
Total Stockholders' Equity
Total Liabilities
and Stockholders' Equity
54
55
56
57 Total Assets
58
59
60
61
Sheet1
< Prev
1 of 1
Next
16
MacBook Pro
Search or type URL

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions